HSBC Promotes CFO Georges Elhedery to Chief Exec

British multinational banking group HSBC has a new chief executive officer.

Georges Elhedery, who became HSBC’s chief financial officer (CFO) last year, will move into the chief executive role (CEO) September 2, the bank announced Wednesday (July 17).

He replaces Noah Quinn, who announced his resignation in April after 37 years with the bank and five as CEO.

Sir Mark Tucker, HSBC’s chairman, said Elhedery had shown “strategic insight and vision, and deep international perspectives” during the bank’s search for a new CEO.

“He is an exceptional leader and banker who cares passionately about the Bank, our customers, and our people,” Tucker said in a news release. “He has a track record of leading through change, driving growth, delivering simplification and containing costs, and brings a strong focus on execution.”

Elhedery has been with HSBC since 2005. Before becoming CFO, he served as co-CEO of global banking and markets, also leading the markets and securities services. He also served as CEO for the Middle Eastern, North Africa and Turkey from July 2016 to February 2019.

“I am deeply honored by the trust placed in me to lead this great institution into the future,” he said. “Working together with our talented team, I look forward to delivering exceptional value to our clients and investors by driving strong performance on a sustainable growth trajectory.”

According to the release, Elhedery will continue as CFO during the transition. An announcement about a new CFO for the bank “will be made in due course,” HSBC said.

The change in leadership follows reports earlier this month that HSBC had begun slowing its hiring while also asking its investment bankers to reduce expenses, part of an effort by management to lower costs in anticipation of interest rate cuts.

Sources told Bloomberg News that the bank was not filling some open positions and halting hiring altogether in certain departments. HSBC was also encouraging its investment bankers to group client meetings together to capitalize on business travel, the report said.

Meanwhile, HSBC’s Zing recently teamed with Visa to help develop the former company’s international payments app, launched in the United Kingdom in January. That app lets members hold funds in up to 10 different currencies, send more than 30 currencies, and transact in more than 200 countries and territories.

“We shared a clear vision with our partners at Visa — that people all across the globe want easy-to-use, secure and trustworthy financial products that enable them to live their best international lives,” James Allan, CEO and founder at Zing, said in a news release. “Zing delivers on that promise, and we look forward to building on this partnership in the future.”